According to the disclosure, Ben Labolt owns at least one bitcoin and will not be able to act on matters related to former clients.
President Biden’s new communications director, Ben LaBolt, owns $50,000 to $100,000 worth of bitcoin according to a regular release. disclosure foot. Additionally, President Joe Biden has restricted LaBolt’s role in matters related to cryptocurrency and tech companies that LaBolt has previously represented. The restrictions will apply to companies like Meta Platforms, Haun Ventures, and Shopify. However, LaBolt will be allowed to advise on the president’s approach to regulating cryptocurrency and social media companies.
The restrictions imposed on LaBolt comply with the rules followed by the senior White House staff.
The most recent economic report from the White House that mostly discussed Bitcoin crossed out the benefits of the technology, while at the same time reflecting on the various characteristics the administration believes give the US dollar its value. While the latter was not entirely incorrect, the former misrepresented the fundamental value of bitcoin.
This came shortly after the release of a roadmap detailing the administration’s plan to investigate the US Convention on Biological Diversity and how to implement it. The same report also addressed many of the challenges the White House sees in the cryptocurrency industry, mainly due to the FTX crash in 2022.
Moreover, regulatory pressures from various agencies under the current administration have led major companies within the US to consider moving abroad, including Coinbase, the largest exchange in America. The United States would be better off if a Biden administration recognized the industry’s potential for job creation and economic advancement, along with the potential benefits of bitcoin adoption in general.